Chief Financial Officer Employment Agreement

Exhibit 10.30


RETIREMENT AGREEMENT AND GENERAL RELEASE


This Retirement Agreement and General Release is made and entered into on this ____ day of ____________, 2000, by and between Harris Financial, M.H.C., Harris Financial, Inc., Harris Savings Bank, and New Harris Financial, Inc., its successors, assigns, subsidiaries, and affiliates (collectively "Harris") and James L. Durrell ("Executive").


WHEREAS, Executive has been employed by Harris since January 11, 1988, and is currently employed as Executive Vice President, Chief Financial Officer of Harris Savings Bank; and


WHEREAS, Executive has indicated his desire to retire as an employee and officer of Harris; and


WHEREAS, in recognition of the valuable services and contributions to Harris made by Executive, Harris is willing to provide certain salary continuation benefits to Executive for a limited period upon his retirement.


NOW THEREFORE, in consideration of the foregoing, the promises and covenants contained herein and other good and valuable consideration, the parties hereto, intending to be legally bound, hereby agree as follows:


1. Retirement. Executive and Harris hereby agree that Executive will
---------- retire (terminate his employment) as an employee and officer of Harris effective on the later of (a) December 31, 2000; or (b) the effective date of the merger of York Financial, Inc. into New Harris Financial, Inc. (the later of (a) or (b) referred to as the "Retirement Date). Provided that Executive has not revoked this Agreement, once executed by him, within the revocation period set forth in Paragraph 11(e), Executive's last day of employment with Harris will be his Retirement Date, and following such date Harris will pay or commence paying to Executive the benefits described in the following Paragraphs.


2. Salary Continuation and Continuation of Health Benefits. Commencing
------------------------------------------------------- with the first payroll date following Executive's Retirement Date, Harris agrees: (a) to pay to Executive a monthly salary continuation benefit equal to $__________ commencing as of the date set forth above and continuing for a period of thirty-six (36) months; (b) to pay for the period commencing on Executive's Retirement Date and continuing up through July 31, 2001, a percentage of Executive's health plan continuation coverage ("COBRA") premium (provided Executive elects COBRA) in an amount equal to the employer paid percentage then paid by Harris for active employees under its group health plan.


3. Bonus. Executive shall be entitled to a calendar year 2000 bonus of
----- $50,000 payable March, 2001. Further, Executive will be eligible to receive an additional bonus for calendar year 2000 based on the level of achievement of corporate calendar year 2000 Major Business Objectives ("MBO"). The parties hereby agree that Harris must meet minimum thresholds for ROE and EPS, as set forth in the Harris bonus plan for 2000, before he may be eligible to receive any additional bonus for calendar year 2000. The parties acknowledge that Durrell's personal calendar year 2000 MBO could not be achieved because of structural changes occurring within Harris in calendar year 2000. Accordingly, Executive's calendar year 2000 bonus will be determined fully on corporate performance. If Executive's Retirement Date occurs after December 31, 2000, Executive shall be eligible to participate in Harris' year 2001 bonus plan for similarly situated employees. Executive's participation in Harris' year 2001 bonus plan shall be determined only on corporate goals under the plan. Executive's bonus, if any, shall be based on his base salary in effect as of his Retirement Date. Provided however, Executive's bonus, if any, for year 2001 shall be calculated on a pro rated method based on the number of full months worked in year 2001.


4. Automobile. As soon as administratively feasible after Executive's
---------- Retirement Date, Harris shall cause title to the automobile currently provided to Executive by Harris to be transferred to Executive.


5. Life Insurance. Harris confirms to Executive that Executive has the
-------------- option to convert existing life insurance coverages maintained by Harris for Executive for a period of thirty-one (31) days following Executive's Retirement Date. To the extent Executive does not elect to convert said life insurance coverages to private policy coverages, all life insurance maintained by Harris covering Executive shall cease as of Executive's Retirement Date.


6. Retirement Plans. Executive's participation in the qualified
---------------- retirement plans maintained by Harris shall cease as of his Retirement Date. Provided however, Executive may elect to commence distributions from the retirement plans as of his Retirement Date or as of any date thereafter subject however to the required minimum distribution rules and any other qualified plan rules applicable to the Harris qualified retirement plans.


7. Stock Options. The parties hereby confirm that Executive's termination
------------- of employment constitutes a retirement and pursuant to Executive's outstanding stock option agreements, Executive shall become vested in any outstanding stock options to which he is not otherwise vested as of his Retirement Date.


8. Death of Executive. If Executive should die after benefits have
------------------ commenced under this Agreement but before receiving all such payments, Harris shall pay the remaining benefits to the Executive's surviving spouse


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up to the earlier of either date: (a) the date which is the end of the thi ...